According to the Complaint, Rocket Companies, Inc. is an online mortgage lender.

The Complaint alleges that, throughout the Class Period, Defendants made false and misleading statements and failed to disclose that: (i) Rocket Companies’ gain on sale margins were contracting at the highest rate in two years as a result of increased competition among mortgage lenders, an unfavorable shift toward the lower margin Partner Network operating segment, and compression in the price spread between the primary and secondary mortgage markets; (ii) Rocket Companies was engaged in a price war and battle for market share with its primary competitors in the wholesale market, which was further compressing margins in Rocket Companies’ Partner Network operating segment; (iii) the adverse trends identified above were accelerating and, as a result, Rocket Companies’ gain on sale margins were on track to plummet at least 140 basis points in the first six months of 2021; (iv) as a result, the favorable market conditions that had preceded the Class Period and allowed Rocket Companies to achieve historically high gain on sale margins had vanished as Rocket Companies’ gain on sale margins had returned to levels not seen since the first quarter of 2019; (v) rather than remaining elevated due to surging demand, Rocket Companies’ company-wide gain-on-sale margins had fallen materially below pre-pandemic averages; and (vi) consequently, Defendants’ positive statements about Rocket Companies’ business operations and prospects were materially misleading and/or lacked a reasonable basis.

On April 18, 2022, the Court issued an Order consolidating cases. All future docketing was ordered to be done in the lead case 21-CV-11528.

On May 5, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on June 3. Lead Plaintiff filed a Corrected Amended Complaint on June 21. Defendants filed a Motion to Dismiss the Amended Complaint on July 8.

On March 8, 2023, the Court issued an Order partially granting Defendants' Motion to Dismiss. Two of the individual Defendants were dismissed from the case. The Motion to Dismiss was denied in all other regards.

Lead Plaintiff filed a Motion for Class Certification on August 30, 2023. On February 5, 2024, the Court issued an Order granting Lead Plaintiff's Motion to withdraw and re-file the Class Certification Motion. Lead Plaintiff re-filed the Class Certification Motion on February 12. On the same day, Lead Plaintiff filed a second Amended Complaint.

On September 30, 2024, the Court issued an Order denying Lead Plaintiff's Motion for Class Certification. On November 21, Lead Plaintiff stipulated to dismiss his claims and on December 2, the Court issued an Order dropping the Lead Plaintiff from the case.

On July 24, 2025, the parties stipulated to voluntarily dismiss the case. On July 28, the Court dismissed the case with prejudice.